4 Questions To Ask About Insurance and Long-Term Care
By June Duncan
4 Questions To Ask About Insurance and Long-Term Care
Between 50 and 70 percent of people in the United States over the age of 65 will require long-term care. For some, that means hiring in-home caregivers to help ensure safety and help with daily self care tasks. For others, the safest option for balancing care and independence means moving into an assisted living facility or nursing home.
Most Americans don’t think about the costs associated with long-term care until the need is imminent. But for many that is much too late. Here are four questions you should ask now so you make sure you get the care you want and need later.
How can I pay for long-term care? Medicare only provides a little coverage when it comes to assisted living or nursing home care, and it’s a complicated process that may require you use your own money and assets first. Purchasing supplemental health insurance can help cover fees associated with prescriptions, medical equipment and caregivers. For example, Humana Medicare Advantage plans offer the same benefits as Medicare Parts A and B, but provide additional coverage for prescriptions, dental, vision, fitness services, caregiver support and a 24/7 nursing advice line.
However, if there are still more costs to cover, a reverse mortgage could be the right decision. There are many pros and cons with a reverse mortgage; you can quickly access cash to cover immediate costs, but only if you are over the age of 62 and own your home. Just do your research before considering a reverse mortgage. You’ll want to use a reputable company and have a solid plan.
What kind of care will I need? If you want to age in home, then you might consider hiring an in-home caregiver and could need to make some accessibility modifications to your home. Living at home, surrounded by your memories in a comfortable and comforting space is a peaceful way to age. For those who would prefer a more social setting and want a higher level of independence, then consider an assisted living facility. These residences typically consist of apartments or condos with organized social outings, opportunities for meals together and other recreational activities. When you look at options, be sure to ask questions about the current residents— their ages, their illnesses, the average level of care. These answers will help you determine which place is the right fit for your specific needs.
How do I know if I am at risk for needing long-term care? If you have a family history of illnesses such as dementia, heart disease and chronic pain, you have a higher risk of needing long-term care. However, it’s not a fate written in stone. If you make healthy lifestyle choices now, like exercising, eating right and quitting smoking, you increase your chance of living a long and independent life. Also be mindful of the potential for injury. Seniors are at the highest risk for sustaining a long-term and debilitating trauma due to a slip or a fall. Be safe at home, and you’ll improve your chance of postponing or even preventing long-term care.
When should I talk with my family? Now. Talk with your loved ones early and often. Be sure your wishes are known, not just in conversation, but in writing, as well. Designate one or two family members who you want to play a critical role in deciding about your care. Take them on a tour of several nursing homes and assisted living facilities. Have them speak with contractors who specialize in home modifications for elderly accessibility. Be sure you talk to them about your end-of-life decisions, including how you want your life celebrated and commemorated after you are gone. And don’t feel pressured to commit to one path. If you change your mind over time, keep the conversation going.
These questions are good ways to start a conversation about planning and paying for in-home care, a nursing home or an assisted living facility. Knowing you can’t rely on Medicare to cover all the costs is the first step in being prepared. Take the next step by making decisions as to how you can fill those gaps.
Author
June is the co-creator of Rise Up for Caregivers, which offers support for family members and friends who have taken on the responsibility of caring for their loved ones. She is author of the upcoming book, The Complete Guide to Caregiving: A Daily Companion for New Senior Caregivers.